Personal Bankruptcy

Each year, over one million bankruptcy petitions are filed across the United States. Most of these are filed by hard-working individuals who have turned to bankruptcy court for protection. If you are living paycheck to paycheck yet still falling farther and farther behind on the bills it may be time to consider bankruptcy. Bankruptcy offers people just like you the opportunity for a fresh start and a stress-free future.

At The Cassidy Law Firm we understand how financial difficulties can add stress and strain to your life which is why we are dedicated to helping individuals and families in New Jersey find a long-term solution through bankruptcy. To learn more about your options, contact The Cassidy Law Firm today.

Bankruptcy Misconceptions

People have a wide variety of misconceptions about bankruptcy. Often, a debtor fails to consider bankruptcy as a viable solution to financial difficulties because of these misconceptions. For example, people frequently fear losing their home, vehicle, or funds held in a retirement account if they file for bankruptcy. Although each case is unique, the reality is that most debtors are able to keep assets such as these when they file for bankruptcy. Another bankruptcy myth is that a debtor will never be able to obtain financing to purchase a home or vehicle after going through bankruptcy. The truth is that many debtors qualify to purchase a vehicle shortly after a bankruptcy discharge and may qualify for a mortgage loan within a few short years after a bankruptcy discharge. If any of these unfounded fears have caused you to rule out bankruptcy as a potential solution to your financial crisis you owe it to yourself and your loved ones to consult with an experienced bankruptcy attorney to sort out truth from fiction.

The bankruptcy attorneys at The Cassidy Law Firm, would like to help dispel the many myths and correct any misconceptions you may have regarding the bankruptcy process and life after bankruptcy. Once your concerns are alleviated you may decide that bankruptcy is the best solution to your current financial crisis.

Bankruptcy Chapters

The right to file for bankruptcy protection is found in the United States Bankruptcy Code. The various types of bankruptcies available are separated into chapters within the Code. Individuals may file for bankruptcy under the following chapters:

Chapter 7 Bankruptcy – used by moderate to low income debtors typically without valuable non-exempt assets. Typically completed in less than six months.

Chapter 13 Bankruptcy – used by debtors who have a moderate to high income and/or who have valuable non-exempt assets to protect. A repayment plan is created to allow the debtor an extended period of time (typically 3 to 5 years) to repay most debts.